Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) generated $135.3 million in revenue during the fourth quarter of 2021, according to its earnings results released Wednesday, up from $80 million during the fourth quarter of 2020.
The impressive revenue growth comes as Remitly's stock continues to struggle. Since jumping to $53.65 when the company debuted on the Nasdaq in September, Remitly's share price has slid more than 79%, closing at $10.90 — up 0.65% — on Wednesday.
"I’m incredibly proud of all that Remitly delivered and am reminded of the significance of the work we’re doing to transform the lives of our customers,” said co-founder and CEO Matt Oppenheimer in a news release. “Looking ahead, we’re excited to drive new customer growth, geographic expansion, and new product development through strategic investments in the business. These outcomes will create enduring value for our customers and shareholders alike.”
Remitly's revenue for the full year was $458.6 million, up 78% over 2020. The company's net loss for 2021, however, was $38.8 million, up from $32.6 million the year before.
Revenue in fiscal 2022 is forecast to grow 32% to 34% year over year, falling between $605 million to $615 million.
Remitly was founded in 2011. The company allows customers to send and receive money abroad through a bank deposit, mobile money, cash pickup or home delivery. In 2020, Remitly launched a digital spending account designed for immigrants called Passbook, which doesn't require a Social Security number.
Reuters reported the company suspended service in Russia after sanctions were imposed in the wake of its invasion of Ukraine last week.
On Monday, Remitly hired former Google and Microsoft executive Ankur Sinha as its new chief technology officer. Sinha replaced Karim Meghji, who had held the role since October 2020 and stepped into an executive advisory role.
"From Microsoft and Google I've learned a lot of high-scale, high-performance structure you can apply at a large technology company," Sinha previously told the Business Journal. "Remitly is obviously smaller in terms of size from that perspective, but a lot of the learnings, I do think, are shared. Learnings in leadership. Learnings in how we scale systems and organizations. Learnings in agility in terms of how we drive value."
